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TMI Blog2015 (5) TMI 215X X X X Extracts X X X X X X X X Extracts X X X X ..... to repay the existing deposits in accordance with the original terms and tenure as accepted by such Deposit Holders, instead of repaying all outstanding deposits by 31.3.2015, and time of two months since 31.5.2015 to clear all the deposits fell due for repayment on or before 31.3.2015 as per their original terms of acceptance. 2. The applicant submits that it is a multi-activity company having diverse business with a turnover of Rs. 13,327.02 Crores as per audited Balance Sheet as on 31.3.2014. It has been accepting deposits from the public for the last two decades and has also been punctual in repaying the Deposits along with interest accruing without any default. As on 31.3.2014, the company had outstanding Fixed Depositors numbering 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , this difficulty was brought to the notice of Ministry of Corporate Affairs vide letter dated 22.4.2014. Responding to the same, the Ministry of Corporate Affairs notified conferring powers on Company Law Board to take up applications u/s 74(2) of the Companies Act, 2013, in pursuance thereof, the company filed the present application to bail out the company from this difficult situation. 4. The company further submits that despite the company, since 1.4.2014, has not been accepting fresh deposits, but whereas it has paid Rs. 745/- Crores since 1.4.2014. The total outstanding payable as per Section 74(1) of the Companies Act, 2013, is Rs. 1978.04 Crores, as shown in the Annexure placed along with this order. 5. When the company filed thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounsel appearing on behalf of the Applicant says, though Bank sanctioned loan in the month of June, 2014 (Annexure III), it has not yet been released because file has to circulate through various banks in the consortium. He says the company will clear most of it, once the sanctioned limit is released from the Bank. In view of the facts above mentioned, the Applicant prays this Bench to pass the relief as sought above. 8. On seeing the application and submissions of the applicant counsel, it appears that the company is due to make the balance payment of about Rs. 300/-Crores towards FDs matured from April, 2014 till date. As to premature deposits, it has to make payment of about Rs. 1600/- Crores. As per Sec 74(1) of the Act, 2013, the comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ard to grant time to the company to repay the deposits as when they are matured, perhaps it has been legislated to extend time enabling the company to pay it sooner than later. 11. Despite the company has stopped receiving any deposits since 31.3.2014, it appears the company has been making bona fide efforts in making repayments to the depositors. The company has sanction letter on hand from the Bank for release of loan for an amount of about Rs. 1000/- Crores towards repayment of FDs. 12. For the reasons stated above, this Bench grants six months since 31-3- 2015 to the company to comply with Section 74(1) of the Companies Act, 2013 in relation to FDs maturing after 31-3-2015. Notwithstanding the fact of date of maturity of FDs, this ext ..... X X X X Extracts X X X X X X X X Extracts X X X X
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